The rating agency explained in its report that this affirmation of GIB's credit ratings reflects its "strong ownership structure, exceptionally strong capitalization and efficiency, and improved liquidity."

S&P added that the Bank has taken steps to amend its business model and diversify its funding profile. It also stressed the fact that GIB's current level of provisions is considered conservative in its opinion.

Commenting on the rating affirmation, Dr. Yahya A. Alyahya, GIB's Chief Executive Officer, said: "We are pleased with the credit rating affirmation by S&P, which reflects deep market confidence in the Bank and its ability to serve clients in the best possible way regardless of the difficult financial conditions."

He added: "The rating affirmation is an independent vote of confidence in GIB. We are currently developing a strategy to strengthen our franchise in the GCC states and to enhance customer service by providing a wider range of financial products and services."

GIB is a leading merchant bank in the Middle East with its principal focus on the GCC states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. The Bank provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.